You're listening to the John and Heidi Show Bonus Hour. If you miss any
of the program, you can find a podcast at the bottom of the page
at Johnny Radio dot com. Thank you for listening to The John and Heidi
Show Bonus Hour on a Monday. Excited to visit with Brent Baker from Clients
First Group coming up here in just a moment. Also later this hour,
it is a movie Star Monday. I have Johnny Russo joining me from The
Godfather. Oh yeah, you can have some fun stick around that's on the
way. What a year with prices on everything going up, it's more important
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That's Better credit Cards dot com. Thanks for listening to the John and Heidi
Show. We have Brent Baker joining us on this Monday, and we're going
to be chatting with him about some really fun stuff. We like to do
this. We try to do it every Monday if we can. Brent is
with Client's First Group and Keller Williams Realty and Brent. First of all,
how you doing, sir? Well, anytime that you're looking at the flowers
and not pushing them up, it's a good day. That is a good
day. And I got some information about what we're going to chat about today.
I like this how to answer Buyer's ten most asked mortgage Questions. So
this is probably something that comes up this year people asking mortgage questions. And
I know you're not a mortgage guy, you're a realtor, but you work
with people who are dealing with mortgages all the time. So what are some
of the most popular things that people are asking about right now? Well,
I think most people understand what a mortgage is unless you grew up in a
household that has always rented. But a mortgage is really just a very long
term loan. Yeah, you're typically talking fifteen thirty years in length, and
this would be when people are buying a home. You know, that's the
It's basically a loan for a home, is what a mortgage. Correct.
A mortgage is nothing but a long term loan secured by a piece of property.
Home very nice, And when it comes to figuring out how much can
I afford when I'm buying a home and I'm getting a mortgage, there's got
to be some sort of calculation, because you know, when I was looking,
you weren't showing us the million dollar homes. We weren't looking for that.
We couldn't afford that. But but how does how does a person know
when it's time to figure out what should I be looking at for a mortgage?
If you're even thinking about buying a home, the best thing you can
do is reach out to a few mortgage professionals because there are certain things that
are just simply required to get a mortgage. It's not like going down to
a local car dealership and picking one out simply because you feel that you can
afford that in your budget. Yeah, a mortgage is a heavily regulated thing,
So all lenders have to check your credit, They have to check your
debt to income ratios. Things like school loans so forth come into play.
They have to look at what your ability is to repay that. Because this
is a long term loan, therefore they have to go the extra mile.
What are the most common types of mortgages? While the common terms are conventional,
FHA VA, USDA, woral development, which are one and the same
the USDA in wroral development, but the reality is behind the scenes it's a
government back loan versus. Then we have fixed rate mortgages, typically referred to
as a conventional. Then there are what are called arms adjustable rate mortgages,
so that rate changes over time. Then we have the home equity loans otherwise
known as he locks, and that is borrowing against the equity of home you
already own. Then there are interest only loans. We don't really see those
right now than jumbo loans. Those are for very large homes and are above
a price point that changes occasionally. But jumbo loans, we don't see a
lot of those. So what are the interest rates? And I suppose that
kind of changes all the time, doesn't it It's bounced around a lot.
And I always advise people to check not only for rate but also fees.
You might find one lender with a what seems like a lot lower rate,
but they may have higher fees, So there's always more than that but the
rate has been bouncing around quite a bit in the last while. The thirty
year fixed rate mortgage is at this time tied to the ten year treasury rate.
For the arms and those types of loans, those are tied to the
one year treasury So what are the things that make up a mortgage? What
are the different to a mortgage. Well, a mortgage is going to include
like your principal payment payment on the actual original dollar amount that you borrowed.
There's interest on that money. The rate of return for the investor is a
way to look at it. Typically, you're escrowing your real estate taxes and
your homeowners insurance and what escrow does is allows you to spread those two expenses
over the course of a year so that that payment is consistent throughout the year.
Otherwise, twice a year you're going to have to run a nice big
check to the state for count for taxes, and then the other would be
to your insurance company. And so the other parts of those mortgages are your
survey, your praisal, your loan origination feed, there's going to be recording
fees and so forth through the county and state, and also just your background
checks. Yeah, and then you have your basic down payment. If you
have a typical mortgage, you're gonna have some money down, and then of
course you're closing costs nice and we're going to stop right there. We'll pick
this up next week and wrap things up with this list at that time.
Brent, thank you so much for joining us. If people would like to
maybe reach out to you and get some more information about this, or if
they want a list a home, or if they want to maybe buy a
home that's on the market, how do they get a hold of you.
The number is six zero five three one zero zero two ninety seven or email
me Brent Baker at katew dot com. Very nice. You can find him
online as well through the website Clients FirstGroup dot com. Did you know you
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com. Time now for this Day in Sioux Falls History. Brought to you
by the Sioux Falls Fund Page and Sunny ninety three point three. It was
on this day in Sioux Falls History, tragedy strikes when city founder Josiah Phillips
passes away suddenly at the age of forty five. Josiah Phillips had been with
the first crew of speculators to lay claim to the town site of Sioux Falls
in eighteen fifty seven, having partnered with the Western Town Company of Dubuque,
Iowa, and making the trip to the majestic bend in the Big Sioux.
Phillips remained here four years, aiding in every way possible in the formation of
the new city, until the Civil War broke out and he felt duty bound
to offer his services as a Union doctor and surgeon. Phillips served with distinction
and even a company general to comes to Sherman's troops on their infamous March to
the Sea, ending up all the way down in Atlanta, Georgia. Josiah
Phillips would marry Hattie Phillips after the war and return to Sioux Falls in eighteen
seventy. He still maintained his rights to the land that he had claimed back
in eighteen fifty seven, and as an injury to his eye in the war
made it difficult to practice medicine, Phillips took up the business of land speculating
and real estate dealing. He was able to make a small fortune for him
and his family, selling off his land piece by piece as new businesses and
homes were created for new citizens. However, Phillips did not hoard his new
found wealth. He was often the first in line to give to the needs
of the small community of Sioux Falls. Schools, churches and organizations. Also
events from the early days a part of their existence to Josiah Phillips, and
on this day in eighteen eighty two, after two days of fighting off a
fever and a deep cough, he passed away. Josiah Phillips left behind his
wife, Hattie, and seven children, one of which he never even met,
as Hattie was pregnant with that child when he died. This day in
Sioux Falls History brought to you by Suit Falls Funpage dot Com and Sunny ninety
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That's mintervention dot com. Here's your market bing minute for Monday, June
twelfth, brought to you by Genesis goold Ira dot com. Equity markets were
able to advance Friday after a week of consolidation. The SMP five hundred moved
up through the forty three hundred level to set a new twelvemonth high, and
it may keep going higher. However, the move is not driven by any
fundamental factor that can be pinned down, so the bottom could fall out of
the market at any time. This week's risk is multifaceted and could be the
difference between a summer rally and a quick reversal. Topping the list of market
moving events is the FOMC meeting. They're not expected to hike rates, but
they may surprise the market with its statement. The CPI is an other market
moving event and it comes out ahead of the FOMC announcement. Whatever the market
thinks will happen at the meeting could change given the CPI news. After that,
it's the retail sales figure, which is due out Thursday. Retail sales
are expected to rise year over year, but not enough to offset inflation.
The takeaway is that demand is in decline, only we're paying more for what
we get. You can get the insidetrack at market meminute dot com. Insurance
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